WEEK IN PERSPECTIVE: A short, winning week closes out a big month of gains

This past week in the markets was packed with major developments, despite the shortened trading schedule due to Memorial Day. The S&P 500 surged 2.1% on Tuesday, largely driven by President Trump’s announcement of a tariff deferral for the EU until July 9, allowing more time for negotiations. However, the rest of the week saw sideways and choppy action, as investors processed a mix of economic data, corporate earnings, and shifting trade policies.

One of the standout moments was NVIDIA’s (NVDA) earnings report, which exceeded expectations and provided a strong outlook, reinforcing optimism in the tech sector. Additionally, Treasury auctions for 2-year, 5-year, and 7-year notes were well received, contributing to improved investor sentiment. Consumer confidence also showed signs of improvement, adding to the bullish tone early in the week.

However, uncertainty surrounding tariffs and trade policy kept markets on edge.

On Wednesday, the U.S. Court of International Trade ruled that the president lacked the legal authority to enforce reciprocal tariffs, only for the U.S. Court of Appeals to temporarily reinstate them the following day. Then, on Friday, President Trump accused China of violating the preliminary trade agreement and signaled a tougher stance, stating, “So much for being MR. NICE GUY!” before later expressing hope for a resolution with President Xi.

Despite the volatility, the S&P 500 ended the week up 1.9%, marking its best monthly gain (+6.2%) since 2023. The Nasdaq Composite also posted a strong monthly performance (+9.6%), reflecting continued strength in technology stocks. Meanwhile, the U.S. Dollar Index rose 0.3%, and the 10-year Treasury yield declined by eight basis points to 4.42%.

Here’s a breakdown of the major indices:

• S&P 500: +1.9% for the week / +0.5% YTD

• DJIA: +1.6% for the week / -0.6% YTD

• Nasdaq: +2.0% for the week / -1.0% YTD

• S&P 400: +0.8% for the week / -3.8% YTD

• Russell 2000: +1.3% for the week / -7.3% YTD

Overall, the market is navigating a mix of optimism and uncertainty, with strong corporate earnings and economic data supporting gains, while trade tensions and premium valuations suggest a potential period of consolidation ahead.

What’s your take on the market’s direction from here? Are you expecting further gains or a pullback?

Quantum Private Wealth LLC. is an investment adviser located in Tampa, Florida, Lake Forest, Illinois and Frankfort, Michigan. Quantum Private Wealth LLC. is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Quantum Private Wealth LLC. only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Quantum Private Wealth's current written disclosure brochure filed with the SEC which discusses among other things, our business practices, services, and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov.

Please note, the information provided in this document is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs. Please refer to the disclosure and offering documents for further information concerning specific products or services.